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Saturday, November 06, 2010

Over Half of Brevard County Florida Properties Under Contract are Short Sales

In Brevard County, Florida short sales and foreclosures still loom as a major residential real estate market force as fall begins. This is very evident when you consider that there over half of the properties under contract but awaiting closing (approval by lender or some other contingency) are short sales. [Based on search of "list status" in Brevard MLS as of November 5, 2010]

There are another 300 plus properties listed as bank owned (foreclosed) that are contingent as well and then you have 2 out of every 3 awaiting closing is a distressed property! Can that be right? I double checked my numbers.

[Note that these include all types of residential property including town house, condo, single family, manufactured.]

active listings marked as short sales - 1527

active listings marked as bank owned - 583

active listings not bank owned or short sales - 4439

sold short sales - 99

sold bank owned properties - 161

total sold residential properties (condo, single family, town homes) - 600

total pending properties -1,857

pending/contingent short sales - 915

pending/contingent bank owned - 333

If you are selling residential property in Brevard County Florida, these numbers are important. You will be competing against these properties although primarily those listed as short sales.

For information on residential properties for sale in Brevard County, Florida, email me or give me a call directly at 321-693-3850.